Shares of Lucid Group (NASDAQ: LCID) are set to open 6% lower today after the company announced yesterday after market close that it plans to sell $1.75 billion of convertible senior notes.

Initial buyers will also have an option to buy a further $262.5 million of notes. The company will use the raised proceeds for general business purposes.

“Lucid intends to allocate an amount equal to the net proceeds from the notes to finance or refinance, in whole or in part, one or more new or existing "Eligible Green Investments," including the development, manufacture, or distribution of products, key components, and machinery related to electric vehicles or energy storage systems, as well as investments and expenditures related to renewable energy, energy efficiency, and sustainable water and waste management,” the company added in a press release.

Lucid stock price now trades over 20% down from the November highs set just above the $55.00 mark.

Overall, Lucid shares are still up nearly 350% YTD.